Monday, April 27th13.2°C
25924
25546

Toll operator 407 International sees profits fall by 40 per cent in Q2

TORONTO - Toll highway operator 407 International Inc. says its second-quarter net income fell 40 per cent, even though revenues continued to grow.

The company, which operates the Highway 407 electronic toll road that crosses the Greater Toronto Area, says net income fell to $45.4 million in the three-month period ended June 30. That compared with net income of $75.7 million a year earlier.

Revenues shot up to $228.5 million from $205.2 million as the total number of trips climbed to 30,472 in the quarter from 29,615 in the compared year-earlier period. The average revenue per trip rose to $7.49 from $6.92 year over year.

Operating expenses increased to $33.3 million from $26.7 million a year earlier while interest and "other" expenses grew to $117.1 million from $59.8 million, the company reported Thursday.

407 International Inc. is jointly owned by Cintra Infraestructuras S.A., a wholly owned subsidiary of Spain's Ferrovial S.A., with a 43.23 per cent interest, and subsidiaries of the Canada Pension Plan Investment Board, 40 per cent, and by Montreal-based engineering giant SNC-Lavalin (TSX:SNC) with a 16.77 per cent holding.

The Canadian Press


Read more Business News

25918


Recent Trending




Today's Market
S&P TSX15344.08-64.25
S&P CDNX690.10-7.60
DJIA18037.97-42.17
Nasdaq5060.25-31.84
S&P 5002108.92-8.77
CDN Dollar0.8264-0.0006
Gold1199.90-3.40
Oil56.30-0.69
Lumber255.00-1.20
Natural Gas2.471-0.019

 
Okanagan Companies
Pacific Safety0.08-0.04
Knighthawk0.010.00
QHR Technologies Inc1.40+0.02
Cantex0.035+0.005
Anavex Life Sciences0.395-0.035
Metalex Ventures0.095+0.000
Russel Metals27.05-0.11
Copper Mountain Mining1.25+0.10
Colorado Resources0.10+0.01
ReliaBrand Inc0.004-0.001
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.19-0.01
Decisive Dividend Corporation1.80+0.10

 



25918

FEATURED Property
21947465032 Princeton Avenue
2 bedrooms 1 baths
$366,888
more details
image2image2image2
Click here to feature your property
Please wait... loading


Buy versus rent

Consider the top five reasons to buy versus rent: #5 Experience Freedom: Home ownership will free you from the ties that bind you to a landlord...no longer will you be dependent on someone else&rsq...


What's your score?

There was a time when we would sit down with nothing more than a sheet of paper and a sharp pencil to do the math. Totalling our expenses and subtracting our revenue, the amount left over was the answ...


Do you dare to dream?

Photo: Thinkstock.comI have never been able to understand why some people can only see as far ahead as the end of the current day. Instead of aiming for long term goals, they just wallow in their ever...

_





25289


Member of BC Press Council